Sorry to say it but your coins have no value, to consider them as collateral. There is no way the lender to be covered if you default. This smells like a "dump and away" scheme... 
I want to say it is the same as a non-collateral loan. If the non-collateral loss can default we may get nothing and for this coin, as collateral, we can get anything if loan default as it has no current value. Collateral should have current value so that we can cover by selling the collateral if the loan has defaulted.Yes, i know its risky. I admit there are a lot of 'dump and away' even with million ico collected can't be guaranteed for success. You have your point.